mode=0(balance-rr)
Round-robin policy: Transmit packets in sequential order from the first available slave through the last. This mode provides load balancing and fault tolerance.

mode=1 (active-backup)
Active-backup policy: Only one slave in the bond is active. A different slave becomes active if, and only if, the active slave fails. The bond's MAC address is externally visible on only one port (network adapter) to avoid confusing the switch. This mode provides fault tolerance. The primary option affects the behavior of this mode.

mode=4(802.3ad)
IEEE 802.3ad Dynamic link aggregation. Creates aggregation groups that share the same speed and duplex settings. Utilizes all slaves in the active aggregator according to the 802.3ad specification.

Load both kernel modules and confirm the file edit by below commands

[root@MyLinux etc]# modprobe bonding[root@MyLinux etc]# modprobe mii

Create a new network configuration file for bond0 and edit eth0 and eth1 accordingly under /etc/sysconfig/network-scripts/ directory